Legend Biotech Considers Second Listing Outside US, Bloomberg Reports

Legend Biotech is considering a second listing outside the US, according to a Bloomberg report. The clinical-stage biopharmaceutical company is developing cell therapies for oncology and other indications, with its lead product candidate, cilta-cel, targeting multiple myeloma and other cancers. The company has a portfolio of earlier-stage autologous CAR-T product candidates and is also developing allogeneic gamma delta CAR-T and CAR-NK products.

Legend Biotech, a clinical-stage biopharmaceutical company, is reportedly considering a second listing outside the United States, according to a recent Bloomberg report. This move comes as the company continues to expand its portfolio and market reach, focusing on cell therapies for oncology and other indications. The company's lead product candidate, cilta-cel, is currently targeting multiple myeloma and other cancers, while its portfolio includes earlier-stage autologous CAR-T product candidates and allogeneic gamma delta CAR-T and CAR-NK products.

The appointment of Carlos Santos as Chief Financial Officer and principal accounting officer at Legend Biotech earlier this year signals an increased emphasis on financial discipline and international operational expertise, as the company pushes forward with its global expansion plans [1]. This strategic move is likely to support the company's efforts in securing a second listing, as it aims to broaden its investor base and access to capital.

Legend Biotech's investment narrative has been centered around the expansion of its CARVYKTI product beyond its initial launch settings and achieving profitability in a fast-evolving cell therapy market. The appointment of an experienced CFO like Carlos Santos, who brings decades of finance leadership from AstraZeneca, Novartis, and Intel, provides additional financial stewardship but does not materially alter the immediate focus of expanding CARVYKTI’s reach. The company's second quarter 2025 earnings update reported US$255.06 million in revenue yet a widening net loss of US$125.38 million, indicating the ongoing challenge of balancing growth opportunities against operating losses and margin pressure [1].

The company's ambitious revenue and earnings projections for 2028, with a target of $2.3 billion in revenue and $624.8 million in earnings, require significant yearly growth and a substantial increase in earnings from the current -$325.3 million. This aggressive growth plan necessitates disciplined financial management, which Carlos Santos' appointment is designed to provide. However, investors should remain aware of the concentration risk around CARVYKTI and the competitive landscape in the cell therapy market.

The potential second listing abroad could provide Legend Biotech with access to new capital sources and markets, potentially accelerating its growth trajectory. However, it also comes with its own set of risks, including regulatory hurdles and the need to navigate different market dynamics. As the company continues to push forward with its expansion plans, investors will be closely watching the developments surrounding the second listing and the progress of its product pipeline.

References:
[1] https://finance.yahoo.com/news/bull-case-legend-biotech-legn-101553092.html
[2] https://www.prnewswire.com/news-releases/myelofibrosis-market-is-going-to-grow-at-a-cagr-of-9-in-the-next-ten-years-20252034--delveinsight-302545144.html